Total Student Loan Cost Calculator
Estimate how much you'll pay over the entire lifetime of your student loan and see if you'll repay it in full.
About Total Cost Calculation
This calculator estimates the total amount you'll repay over the lifetime of your student loan, including all interest, and whether your loan will be fully repaid or written off.
Your Lifetime Repayment Summary
Total Amount Repaid
£42,500
Over the life of the loan
Original Loan Amount
£45,000
Total Interest Paid
£11,500
Amount Written Off
£14,000
Remaining balance at write-off
Expected Write-Off Date
April 2053
30 years after graduation
Verdict: Based on your inputs, you are projected to have your loan partially written off. You'll repay less than the total amount borrowed plus interest.
Repayment vs write-off visualization
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How Much Will Your Student Loan Really Cost?
This calculator helps you understand the total lifetime cost of your UK student loan. Unlike traditional loans, student loans in the UK are income-contingent and have automatic write-off periods, which means many borrowers never repay the full amount.
Three Key Factors That Determine Your Total Cost
- Your Loan Plan: Each plan has different repayment thresholds, interest rates, and write-off periods. Plan 1 loans often cost less in total than Plan 2 or Plan 5 loans due to lower interest rates.
- Your Income Trajectory: Your career earnings path is the single biggest factor in determining how much you'll repay. Higher earners typically pay back more and may clear their loans before the write-off date.
- Your Initial Loan Amount: The starting balance affects how long it takes to repay and how much interest accumulates, especially for those who earn enough to clear their loan before write-off.
Understanding Loan Write-Offs
All UK student loans are automatically cancelled after a set period, regardless of how much you've repaid:
- Plan 1: 25 years from the April after graduation
- Plan 2: 30 years from the April after graduation
- Plan 4: 30 years from the April after graduation
- Plan 5: 40 years from the April after graduation
- Postgraduate Loans: 30 years from the April after graduation
For many borrowers, especially those with moderate incomes, the loan will be partially written off. This means you may end up paying less than the original loan amount plus accrued interest.
Will You Pay More or Less Than You Borrowed?
Research from the Institute for Fiscal Studies suggests:
- Around 85% of Plan 2 borrowers won't fully repay their loans before write-off
- The highest-earning 15% of graduates will repay more than they borrowed due to interest
- Plan 5 borrowers (post-2023) will typically repay more than Plan 2 borrowers due to the longer 40-year term
- The median borrower repays around 80% of what they borrowed in real terms
Should You Worry About the Total Cost?
Unlike conventional debt, student loans don't require repayment until you earn above the threshold, payments adjust automatically with your income, and any remaining balance is eventually written off.
For these reasons, many financial advisors suggest treating UK student loans more like a "graduate tax" than traditional debt, and not prioritizing early repayment unless you're certain to clear the loan naturally through high earnings.
Frequently Asked Questions
This calculator provides an estimate based on the information you provide and current repayment rules. Future changes to interest rates, thresholds, or government policy could affect actual repayments. The most uncertain factor is your future earnings growth, which significantly impacts total repayment amounts.
If this calculator shows you're unlikely to repay your loan in full before the write-off date, making extra voluntary payments may not be financially optimal. However, if you're projected to fully repay your loan, making early overpayments could reduce the total interest you pay. Use our overpayment calculator to analyze your specific situation.
Unlike commercial loans, student loans in the UK have income-contingent repayments (you only pay when earning above the threshold), automatic salary deductions, no impact on your credit score, and guaranteed write-off periods. These features make them significantly different from conventional debt, and generally much more borrower-friendly.
Know when your loan will be written off?
Check our write-off calculator to see exactly when your loan will be automatically cancelled.
Check Your Write-Off Date